AMP seeks to be market leader in digital advice
AMP has unveiled enhancements to its digital advice platform, offering personalised investment and contribution advice to its AMP Super members.
Since its launch at the end of January, the firm said over 12,000 superannuation members have engaged with the service. Last year, some 500 members did a retirement health check which, according to AMP, has grown to more than 6,700 members who had completed it since the launch.
All members who complete a retirement health check receive a retirement income score and a statement of advice (SOA) to outline the step-by-step actions they can take to improve this score.
The updated offering now includes education and advice regarding AMP’s Lifetime feature which offers a retirement income boost for super, as well as retirement projections and personalised investment and contribution advice.
This personal advice will help users to select the right investment option and optimise their super contributions as well as SOA and access to phone-based adviser support to help them understand their options.
A “Ways to Improve” tool also gives members the ability to explore and test different financial strategies to improve their retirement outcomes.
The service is available through MyAMP’s online portal or app which allows members to view their super balance, switch investment options, make extra contributions, opt into Lifetime and speak to a qualified adviser.
AMP Super has around 610,000 members and $57 billion in assets under management.
Melinda Howes, AMP group executive superannuation and investment, said: “We’re taking a market-leading position in digital advice and member services, empowering more Australians to achieve the lifestyle they want in retirement.
“Later this year, we’re planning to enhance our digital advice solution to include personal advice about insurance, transition-to-retirement and innovative retirement strategies.
“Our members can access high-quality advice for no extra fees, and a human adviser is just a click of a button away if they need some extra guidance.”
AUTHOR
Laura Dew
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